Question

GDP is the: national income minus all non-income charges against output. monetary value of all final goods and services produced within the borders of a nation in a particular year. monetary value of all economic resources used in producing a year's output. monetary value of all goods and services, final and intermediate, produced in a specific year.

Answer 1

Answer:

The correct answer is: monetary value of all final goods and services produced within the borders of a nation in a particular year.

Explanation:

GDP of a nation can be defined as the monetary value of all the goods and services that are produced within the geographical boundaries of the nation in a year.

The GDP does not include intermediate goods and services as it may lead to double counting. The reselling of objects is also not included.

It is used to measure the health of a nation's economy. It shows the level of economic activities in a nation. An increase in GDP means economic growth.